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Author | Wang Xiaojun
Editor | Zhou Zhiyu
BMW's performance in 2025 is under pressure, but it has secured the title of global luxury car sales champion for the second consecutive year. The real test will come in 2026—new generation models must prove themselves in the Chinese market.
According to financial report data, BMW Group achieved revenue of €133.453 billion (approximately RMB 1.06 trillion) in 2025, a year-on-year decrease of 6.3%; pre-tax profit was €10.236 billion, a year-on-year decrease of 6.7%; and net profit was €7.451 billion, a year-on-year decrease of 3.0%.
Revenue, pre-tax profit, and net profit all fell year-on-year, but the declines in these three figures were not symmetrical. However, a deeper analysis reveals that BMW's profit foundation has not been shaken.
The group's pre-tax profit margin remained at 7.7%, unchanged from 2024, and the decline in net profit was significantly smaller than the decline in revenue, indicating that BMW did not resort to drastic price cuts to boost sales despite a reduction in volume, and the profitability per vehicle remains intact.
BMW officially revealed that it achieved cost reductions of €2.5 billion in 2025, shielding itself from pressures on raw materials and tariffs.
In 2025, the differentiation among the three BBA companies was quite evident: Mercedes-Benz's global sales fell by 10% year-on-year, Audi's fell by 2.9%, while BMW saw a slight increase of 0.5%. Maintaining its market share in a year when competitors were losing volume is BMW's most commendable achievement in 2025.
From a regional perspective, the most significant characteristic of BMW's global performance in 2025 was the severe differentiation among regional markets.
The European market performed strongly, with annual sales surpassing one million units, reaching 1,016,360 units, a year-on-year increase of 7.3%; the Americas market also recorded a steady growth of 5.7%, delivering 508,221 units. Together, the European and American markets sold nearly 100,000 more units, just enough to make up for the lost volume in China.
In contrast, in the Chinese market, BMW delivered only 625,527 units in 2025, a year-on-year decline of 12.5%, marking a second consecutive year of decline, and the drop was deeper than in 2024. From the annual trend, the decline in the fourth quarter of 2025 expanded to 15.9%, indicating a lack of momentum at the end of the year.
The Chinese market has shrunk for two consecutive years, with nearly 200,000 units of sales evaporating, returning to levels seen in 2017-2018. The reasons for the lost volume are not hard to find: in the price range of 300,000 to 500,000, Aito, Li Auto, and Nio are almost competing directly with BBA for customers; meanwhile, BMW's own SUV mainstays—the X3 and X1—are at the end of their product life cycles, with a lack of new models before the next generation.
However, it is worth noting that BMW's sedan lineup in China still demonstrates strong resilience against declines—the 3 Series and 5 Series are growing against the trend, at least indicating that brand loyalty in the sedan market can withstand the impact of price wars.
In terms of electrification, BMW's progress is steady, but it has not yet become a major growth engine.
Electrification is another figure that is not particularly impressive. In 2025, BMW's global pure electric sales reached 442,000 units, a year-on-year increase of only 3.6%, which is not remarkable in the context of the rapidly rising penetration rate of new energy vehicles in the industry. The reason is straightforward: the pure electric models currently being sold are still based on a shared platform with gasoline vehicles, and the truly &#34;new generation&#34; pure electric architecture has not yet gained significant traction
In other words, BMW's electrification report card will only truly begin to count after the delivery of the Neue Klasse.
For BMW, 2025 is a year of accumulation, while 2026 is the year when the new generation strategy will be fully implemented and delivered.
According to official data, in the European market, one out of every three new orders for pure electric BMWs is for the new generation iX3—a model that has just gone into production and has captured one-third of the order share. The long-wheelbase version of the iX3, specifically designed for the Chinese market, will be produced and launched in Shenyang in 2026, which is seen as a core leverage for BMW to turn around its fortunes in China.
From a technological reserve perspective, the new generation platform indeed possesses certain competitiveness, with self-developed breakthroughs such as the sixth-generation eDrive electric drive technology, 800-volt high-voltage architecture, and super brain for driving control being concentrated in the vehicles. The performance indicator of charging for 10 minutes to achieve a range of 300 kilometers has entered the first tier of the industry. Meanwhile, the second new generation model—the pure electric BMW i3—will have its global debut on March 18, further expanding the product matrix. Sources close to BMW indicate that the long-wheelbase version of the new generation BMW iX3 will have its global debut at the Beijing Auto Show and will be launched within the year.
This means that 2026 will also be a big product year for BMW.
According to the plan, BMW Group's three major brands—BMW, MINI, and BMW Motorrad—will launch about 20 new or facelifted products, covering almost all market segments. The mid-term facelifted 7 Series will also have its global debut at the Beijing Auto Show, equipped with the iDrive X system and panoramic display.
Industry insiders told Wall Street Insights that BMW's financial report for 2025 shows that while the foundation of fuel vehicles remains stable and profitability has not collapsed, the Chinese market is becoming the biggest variable and risk point. The title of global sales champion is indeed glamorous, but the 625,500 units sold in China have already sounded the alarm.
Whether the new generation can save the situation will be verified sooner rather than later. The long-wheelbase version of the iX3 will debut at the 2026 Beijing Auto Show and be launched within the year. Its pricing range and the order volume in the first month after launch will be the first answer sheet. The reality for BMW is that the Chinese market is losing volume every year, dealers' patience is not infinite, and consumers' attention will not wait forever for a car that is &#34;coming soon.&#34; In 2026, the new generation must move from PPT to the showroom.
For this century-old luxury car manufacturer, 2026 is not only the product year for the new generation but also a crucial test of its system resilience, localization capabilities, and strategic execution

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